Ethereum Charges Towards $5,000 as Bullish Momentum Intensifies

Ethereum (ETH) is experiencing a powerful resurgence, having recently found substantial support near the $4,500 mark and embarking on a fresh, aggressive rally. The cryptocurrency is now trading with strong bullish sentiment, aiming to surpass the critical $4,750 resistance level as market buzz continues to build around its upward trajectory.

ETH Price Sustains Bullish Rally

Following a strong bounce from the $4,180 support, Ethereum successfully overcame resistance levels at $4,500 and $4,650, outperforming Bitcoin in its ascent. The momentum was so significant that bulls propelled the price past the $4,700 zone, ultimately testing the $4,780 resistance. Currently, ETH is consolidating its gains, trading firmly above $4,700 and the 100-hourly Simple Moving Average. A crucial bullish trend line, offering support at $4,480 on the hourly chart, underpins this positive outlook, suggesting a sustained increase if the $4,400 zone holds.

Key Resistance Levels and Future Outlook

Looking ahead, Ethereum faces immediate resistance at the $4,780 level, with subsequent hurdles at $4,840 and a major resistance point at $4,880. A decisive break above this $4,880 mark could pave the way for a rally towards $4,950, potentially pushing Ether to the highly anticipated $5,000 resistance zone, or even further to $5,150 in the near term. Should the bullish momentum wane and ETH fail to breach $4,780, initial downside support lies at $4,700, followed by significant support at $4,650. Further declines could see the price testing $4,550 or even $4,480, with a critical support level at $4,350. Technical indicators, including a gaining MACD in the bullish zone and an RSI above 50, further reinforce the current positive sentiment surrounding ETH.